Smartphones catapulted into the league of five most exported commodities by value in India, based on their harmonized system (HS) codes in fiscal year 2023 (FY23), up from the ninth rank in the pecking order in FY22, according to the Business Standard. This is thanks in part to the iPhone.
(HS is a globally harmonized identification for a specific product used for export and import of the commodity.)
Apple has moved 7% of its entire production to India, which has made a big impact on the country’s export statistics, according to the Business Standard.
In FY22 the whole smartphone export market was worth approximately US$5.4 billion to India. For FY2023, it’s $10.9 billion. The iPhones accounted for approximately half of that $10.9 billion total, according to the Business Standard.
Article provided with permission from AppleWorld.Today